JPMorgan Chase & Co. signed a lease at 360 Rosemary, Related Cos.’ newly developed office tower in West Palm Beach, Florida, that’s become popular with finance firms.
The bank joins a wave of other finance firms such as Goldman Sachs Group Inc. and Point72 Asset Management that have taken spots at the tower, which opened in 2021, according to a statement from Related. The developer, founded by billionaire Stephen Ross, has also signed tenants for nearby buildings, including Northwell Health and venture capital firm Clear Sky.
Finance firms have been snapping up space to cater to employees who moved south during the pandemic, stoking demand for offices in West Palm Beach. South Florida has also benefited from a major influx of wealth as people moved from cities including New York.
In response to the demand, Related’s Ross has ramped up investments in the area, with more office and residential developments. At 360 Rosemary, the developer converted garage space to add more room for offices.
Related is slated to open one of its latest office projects in the area, called One Flagler, later this year. The developer has signed a handful of other leases for that building, including Bessemer Trust, Paulson Capital and HighPost Capital.
“West Palm Beach’s strong office market continues to attract the finance industry’s elite corporations to South Florida,” Jordan Rathlev, senior vice president of Related Southeast, said in the statement.
